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Honda Motor Co Ltd (NYSE:HMC) became the latest member of a growing list of car companies adopting Tesla's (NASDAQ:TSLA) EV chargers for its upcoming electric vehicles.
Honda announced on Thursday the North American versions of its future EVs will adopt Tesla's North American Charging Standard (NACS) starting in 2025, when Honda will also release a new EV model.
Through a new deal with Tesla, Honda owners can also use Tesla Supercharger stations. Honda models released before 2025 will have the chance to use NACS ports through an adapter for the Combined Charging System, which now remains the strongest competing standard against NACS in the EV charging space.
In late July, Honda joined a partnership of seven giant automakers who plan to install a network of 30,000 high-powered charge points in urban and highway locations across North America.
Together with BMW Group (OTC:BMWYY), General Motors Co (NYSE:GM), Hyundai Motor Company GDR (OTC:HYMTF), Kia, Mercedes-Benz Group ADR (OTC:MBGYY) and Stellantis NV (NYSE:STLA), the group plans to offer the Combined Charging System (currently used by Honda models today) as well as Tesla's NACS connectors.
Tesla seems to be winning the battle to dominate the standard of charging across North America. Tesla developed NACS chargers for its own vehicles in 2012 but opened the standard in 2022 in an effort to make it the default charger in an EV-dominated future.
On Thursday, Tesla announced a new partnership with Hilton Hotels (NYSE:HLT) to add up to 20,000 universal wall connectors for both standards in 2,000 hotel locations in the U.S., Mexico and Canada.
Tesla has a margin of 10% on charging stations, "because they also do solar and storage," according to a conversation between CEO Elon Musk and investor Ross Gerber.
Several companies have committed their future vehicles to be made for NACS chargers, including Ford Motor Co. (NYSE:F), General Motors, Volvo Cars ADR (OTC:VLVCY) and Mercedes Benz Group, with Hyundai recently hinting that it could soon follow suit.
Tesla got another major win earlier this year when SAE International, also known as the Society of Automotive Engineers, announced in June that it would adopt NACS as the standard for EV charging.
Electrify America, a subsidiary of Volkswagen Group (OTC:VWAGY) which provides EV charging stations, recently revealed it will also be including NACS chargers on its stations.
Several of the largest companies in the EV charging space have also signed with Tesla to include NACS ports in their charging units. ABB Ltd (OTC:ABBNY) and ChargePoint Holdings Inc (NYSE:CHPT) jumped on the NACS bandwagon in June along with several others.
HMC Price Action: Honda shares remained virtually flat on Thursday but the company added 3.8% in the past five trading days. Tesla shares were also relatively unmoved on Thursday.
Photo: Shutterstock
Posted In: ABBNY BMWYY CHPT F GM HLT HMC HYMTF MBGYY STLA TSLA VLVCY VWAGY
